Directors and non-executives will face criminal charges in the UK for failing to provide full information to auditors, Reynolds Porter Chamberlain (RPC) has warned.
Under the Companies Act from 6 April directors and non-execs will not just be required to provide any material information they already know but they will also be required to find out any information that a director should reasonably know.
The changes, which come as part of the new Companies Act, mean that a director who falsely states in the directors' report that the auditors are aware of all relevant audit information could face up to two years in prison or an unlimited fine or both.
RPC also said that the new criminal law may increase demand for D&O insurance but where there is a corporate collapse the costs of defending against the new criminal charge could add to a D&O insurer's costs.
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